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$BNB technical indicators show the altcoin could experience further decline as liquidation events punish the bulls.
$BNB, the native token of the Binance ecosystem, mirrors the turbulence in the broader crypto market sector. It closed at $903.69, down 0.1% in the last hour and showing a 6.5% decline over the past 24 hours.
In the last seven days, $BNB has shed 3.1%, with a descent from early November highs, preceded by fleeting green recoveries that failed to sustain above $1,303 on October 6.
On the indicator end, the Moving Average Convergence Divergence indicator on the chart provides a clear indication of the bearish trend. The MACD line, which represents the difference between the 12-period and 26-period Exponential Moving Averages, is currently below the signal line, which is a key bearish signal.
Additionally, the MACD histogram is negative. If the MACD continues to stay below the signal line and the histogram remains negative, $BNB could experience further declines in the near term.
Additionally, the Stochastic RSI is in oversold territory, with the %K line at 18.46, indicating that a short-term bounce or consolidation could be possible. However, no immediate bullish reversal signal is present.
$8.20M Liquidated from $BNB Market
The liquidation data for $BNB shows substantial volatility, with $32.59K liquidated in the past hour, predominantly from short positions ($21.57K). Over the last 4 hours, $2.62M faced liquidations, with $2.48M from long positions, indicating a bearish shift.
On the 12-hour and 24-hour scales, liquidations have reached $3.96M and $8.20M, respectively, with long positions being more impacted, totaling $3.77M and $7.80M. These figures suggest that the market has been pressuring long holders, with significant downward price action causing these positions to liquidate.